(a) A lessor shall disclose clearly and conspicuously in writing in a lease-purchase agreement each of the following items that applies to the lease-purchase agreement or to the personal property leased under the agreement: (1) the total number of payments, the total monetary amount of all payments, and the timing of all payments that are […]
(a) A lessor is responsible for making all normal repairs that may be required for the personal property during the lease-purchase agreement, but the lessor is not responsible for any unauthorized repairs or damage caused by improper use. (b) If a manufacturer’s warranty covers the personal property when the consumer acquires ownership of the property […]
(a) A lessor may not charge a consumer more than $5 for each payment that is late under a lease-purchase agreement. (b) When calculating time for the purpose of determining whether a lease payment is late and subject to a late fee under a lease-purchase agreement, a lessor may not include any period of time […]
A lease-purchase agreement may not contain (1) a confession of judgment; (2) a negotiable instrument; (3) a security interest in, or another claim on, real or personal property that is not the subject of the agreement; (4) a wage assignment; (5) an assignment of an Alaska permanent fund dividend; (6) a waiver by the consumer […]
(a) If a consumer fails to make a payment under a lease-purchase agreement by the time required for the payment and the lessor terminates the agreement due to the consumer’s failure to make the payment, the consumer may reinstate the agreement by paying the items identified under (b) of this section before the end of […]
(a) When a lessor and a consumer replace an existing lease-purchase agreement between the lessor and consumer with a new lease-purchase agreement, the lessor shall make the disclosures required by AS 45.35.010 for the new lease-purchase agreement. In this subsection, “new lease-purchase agreement” does not include (1) the addition of personal property to or the […]
(a) If an advertisement for a lease-purchase agreement refers to or states the dollar amount of a payment and the right to acquire ownership of a specific item of personal property, the advertisement must also clearly and conspicuously state each of the following items that is applicable: (1) that the advertised transaction is a lease-purchase […]
On request, a lessor shall provide the consumer with a written receipt for each payment made by cash or money order.
(a) If there is a conflict between this chapter and AS 45.12 (Uniform Commercial Code-Leases), this chapter governs. (b) If there is a conflict between this chapter and 15 U.S.C. 1601 – 1693r (Consumer Credit Protection Act), 15 U.S.C. 1601 – 1693r govern.
In this chapter, (1) “advertisement” means a commercial message in a communications medium that directly or indirectly promotes entering into a lease-purchase agreement or provides information about a lease-purchase agreement, but does not include a price tag, window sign, or other merchandising aid used on the physical premises of a store; (2) “cash price” means […]
